REG-Quantum Blockchain Technologies Plc: Update on Legal Claim

Quantum Blockchain TechnologiesAnnouncement

01/12/2022 07:15

1 December 2022

Quantum Blockchain Technologies Plc
( “QBT” or “the Company”)

Update on Sipiem Legal Claim

The board of Quantum Blockchain Technologies (AIM: QBT) announces that in
respect of the Company’s claim against the previous management team of
Sipiem in Liquidazione S.r.l (“Sipiem”), eight of the ten defendants have
appealed against the Venice Court’s judgment of first instance in favour of
the Company’s wholly owned subsidiary Clear Leisure 2017 (“CL17”). The
Court had ordered the defendants to pay CL17 an aggregate amount of
€6,188,974 (plus interest and adjustments for inflation to accrue from
different dates until the date of payment) in damages, plus €85,499 in legal
expenses (together the “Award Payment”).

The appealing defendants have requested the Venice Court of Appeal to:
*  set aside the Venice’s Court’s judgment, and
*  enjoin the enforceability of the Award Payment, until the ruling of the
appeals.
The hearings for the defendants’ appeals are tentatively set to commence in
March 2023. The Court of Appeal will set a final date for the first hearing in
the coming weeks. 

Until such hearing and any court order to the contrary, the Award Payment
remains fully subject to enforcement proceedings. The Venice Court of Appeal
will decide at the first hearing or in due course, whether to grant the
requested injunction against enforcement of the Award Payment pending the
outcome of its eventual ruling on the appeals.

CL17 intends to seek dismissal of the appeals and, as a parallel measure, it
has instructed its Italian legal counsel to initiate immediately judgment
enforcement proceedings against all defendants.

For further information please contact:

Quantum Blockchain Technologies Plc
Francesco Gardin, CEO and Executive Chairman +39 335 296573

SP Angel Corporate Finance (Nominated Adviser & Broker)
Jeff Keating   +44 (0)20 3470 0470
Kasia Brzozowska

Leander (Financial PR)
Christian Taylor-Wilkinson   +44 (0) 7795 168 157

About Quantum Blockchain Technologies Plc

QBT (AIM: QBT) is an AIM listed investment company which has recently
realigned its strategic focus to technology related investments, with special
regard to Quantum computing, Blockchain, Cryptocurrencies and AI sectors. The
Company has commenced an aggressive R&D and investment programme in the
dynamic world of Blockchain Technology, which includes cryptocurrency mining
and other advanced blockchain applications.



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